THE WEEK IN CRYPTOCURRENCY
That was one choppy week
Crypto has been all over the map this past week. At this point we are all used to some volatility but these charts look crazy. For the most part the top 10 cryptocurrencies by marketcap experienced some negative price movement. A few exceptions in the top 20, mainly ICON (ICX) and Binance Coin (BNB), had some serious positive price action due to a good news week.
Even with all the chippy waters the overall cryptocurrency market cap grew a paltry 1.5% in the past week bringin us to a total market capitalization of $320bln. The unexpected G20 news last week praising cryptocurrency in general was not enough to carry us through this week. One obvious pattern could be seen in the graphs: Bitcoin dominance is growing against altcoins and doesn’t look to slow down. As of this post BTC dominates 44% of total market capitalization with Ethereum coming in a distant second with 15.66%. Dont read too much into “market cap”, just don’t forget that Bitcoin is still the boss in the crypto world.
Bitcoin seems to have found some sideways movement after a very choppy 3 weks. Patience seems to be the name of the game at this point. Week to week Bitcoin has dropped another 8% from $9046 to $8200 as of this post. Lot’s of speculation about whether we could retest the support at $7000 before returning to our climb up. The bears continue to wrest control but with the recent positive news and Binance teasing a Fiat pair we could get some relief.
Ehtereum. What to say about ETH. Un-exciting comes to mind. A sub $500 ETH should be anyones queue to get in, but with the overall market still showing signs of lifelessness you would be excused to hold out. Ehtereum is fown to $507 as of this post posting a 10% loss in the past week. At this point #BTFD seems a bit anticlimactic. Stay strong ETH believers as we learned Tennessee will be “the first state that recognizes the legitimacy of blockchain technology and transactions, and the first one to acknowledge the existence of smart contracts”.
Litecoin finally seems to have found some sideways movement in the past week, slowing the bleeding if only a bit. While it seems the LTC retrace has begun to slow, higher lows compared to last month, LTC holders are still not out of the woods. In the past week LTC has experienced a 7% dip (an improvement over two weeks ago) price is finding strong support at $150. We also found this interesting article on Forbes stating that BTC, ETH and LTC are “the most popular popular investments for Milenials”. See you can always find positive news in a bear market if you look hard enough.
Now that all the depressing price updates are over let’s check out the most interesting news and insights from this week in the crypto space.
What’s new at Crypto is Coming
This week we focused on two main articles: Monero and the growing trend of “blockchain hub cities”.
Cryptocurrency and decentralization go hand in hand. So it makes sense that privacy coins are a hot topic in this industry. This is a project that has taken huge strides in cryptography to design a truly anonymous electronic payment system, a major step in the crypto world. Through a mix of stealth addresses to protect the receive and ring signatures to protect the sender Monero provides an end to end privacy experience.
It’s no surprise that government and business alike has finally started to see the potential of the blockchain. Cities too are coming around to the potential for jobs and innovation that blockchain can present. With only an estimated 5000 “competent” Solidity developers out there cities are starting to hold boot camps, and define regulations to help attract people and jobs to this budding space. Chehck out our article on Blockchain hubs, which cities will be future blockchain powerhouses.
Cryptocurrency news from around the internets
Look at that, millenials love crypto. Who woulda thunk it.
This is a great read about young investors using their crypto wealth to buy real estate. Eventually many of the early early adopters of crypto will begin cashing out to use their earning to buy everything from houses to pizza. As crypto adoption increases and users start cashing out we can expect more and more news about real estate deals being done in cryptocurrency.
The Magical Blockchain Tour is making it’s way to Google headquarters. The Verge tells us that Google, that montrous tech unicorn, will adopt “blockchain-like” technology….Errrr what was that? Details are light but it seems google wants to use blockchain to differentiate their cloud business from rivals. Google should call Lipton Blockchain Corp (formerly known as Lipton Iced tea) and as kthem how adding blockchain to their name changed their fortunes.
Monero goes to war against Miners. Quite the headline right? When you decide that you will hardfork your blockchain to stop ASIC Antminer X3 miners then war seems like a suitable noun. And in order to outfox the big boys at Bitmain (the largest manufacturer of mining equipment) Monero will conduct bi-annual forks to stop mining manufacturers from catching up. It’s a fascinating read and aggresive protectionist move from the Monero devs. Make Monero Great Again #MMGA
It seems everyone is joining the token and ICO sale ban. It’s a party, why don’t you join us? Snapchat joins the ICO and token sale ban announcing they will join the likes of Google, Facebook and Youtube. Fear not fellow reader, the scourge of scammy ICOs and Token sales is behind us…….
Ripple the next futures market? Rippe holder collectively breathed a sigh of relief upon hearing their pet project, XRP, could be the next gutures market to open. XRP has suffered an 82% drop in price from it’s all time highs in January, so any good news will come as comfort for the Ripple hoard.
Coinbase really is a pioneering company when it comes to cryptocurrency. Already the most influencial US based bitcoin exchange, Coinbase announced they will be adding index funds to their portfolio. for hands off investors this is a huge boon. Why manage multiple trades when you can buy one fund with three of the hottest cryptocurrencies (BTC, LTC, ETH) and one poser(BCH)? But don’t get too excited, unless you are an accredited investor and have $10,000 laying around you and I won’t be getting into the mix.
You know the news got slow when no more celebs were jumping on the ICO gravy train. Not all celebs are ICO adverse, and it seems the lure of easy cash is still to strong for some of boxings greats. Manny Pacquiao is the latest legend to shill an ICO: Singapore-based Global Crypto Offering ExchangeGCOX. It has a legitimate ring to it, right? Soon you too can own a piece of the champ in the form of the PAC coin. You cannot make this stuff up.
Edward Snowden. The name that haunts the NSA like an incurrable STD. It turns out our benevolent overseer, the NSA, has been tracking Bitcoin users. Queue audible gasps….Come on now, you really didn’t think the NSA had a way to associate public addresses with an actual person? It’s disconcerting to say the least, and a blow to the decentralized ethos of crypto. Time to consider a privacy coin huh?
Getting your hands on crypto is getting easier and easier. It’s getting easier and easier for the common person to access crypto. First Robinhood, that ubiquitous app with no commision, and now Circle. The Fintech startup rolled out it’s commission free app to 46 states in the US allowing users to invest as little as $1. Anything that brings the masses a step closer to crypto is a positive development in our view.
That’s it for this weeks edition of the Raven’s Dispatch. We hope you enjoyed it. If you have any feedback email us at firstname.lastname@example.org
All the best,
The Crypto is Coming crew
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